If Q = K^1/3L² the MP_K Is

question 31

Multiple Choice

If Q = K^1/3L² the MP_K is

• A) constant.
• B) diminishing.
• C) increasing.
• D) not enough information to determine.

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Definitions:

Marginal Product

The change in output resulting from employing an additional unit of input, while keeping other inputs constant, highlighting the productivity of the input.

Labor Demand Data

Statistical information about employers' need for workers, reflecting how many jobs are available at various wage rates.

Labor Supply Data

Information related to the available workforce in a particular market or economy, including the number of individuals willing to work at various wage levels.

Marginal Product

The additional output resulting from the use of one more unit of a production input, holding all other inputs constant.